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Archive for October, 2012

MasterCard Inc, the No.2 credit and debit card network, reported a quarterly profit that topped Wall Street estimates as more people across the globe opted to use cards instead of cash. Higher consumer spending in the United States also helped to boost MasterCard’s third-quarter profit. U.S. consumer spending spiked in the quarter as people felt more confident about their job prospects. Cardholders made $ 676 billion of purchases worldwide in the quarter on a local currency basis, up 12 percent. In the United States, purchase volume grew 7.4 percent, though this was below the growth of 13.7 percent in the […]

LONDON Barclays’ new boss Antony Jenkins must decide in the coming months whether to pick up business left open by a retreat from investment banking by UBS and other rivals, or push even harder with cuts to the British bank’s own operation. Jenkins, who became chief executive three months ago after Bob Diamond left Barclays over an interest rate rigging scandal, is in the middle of a review aimed at cutting pay, shaking up the bank’s culture and reshaping its strategy. Its investment bank is expected to be cut back, although Jenkins said on Wednesday he was “absolutely committed” to […]

SAN FRANCISCO Payments processing company Vantiv Inc. said Wednesday it acquired privately held Litle & Co. for $ 361 million. Litle develops e-commerce payment processing solutions that are used by companies selling merchandise online and via direct-response marketing. Vantiv said it would integrate Litle’s technologies into its point-of-sale and e-commerce processing offerings. Vantiv said it would provide more details on the deal when it delivers its third-quarter earnings report Thursday […]

The Labor Department said it will release the jobs report as scheduled on Friday at 8:30 a.m. Eastern. The agency had previously said it was intending to do so after a federal government shutdown for two days in the wake of Hurricane Sandy.

SAN FRANCISCO Sanmina-SCI Corp. shares on Wednesday surged more than 12%, to $ 8.54, after the electronics contract manufacturer reported fiscal fourth-quarter earnings that beat analysts estimates, and laid out corporate restructuring plans. Late Tuesday, Sanmina said it earned $ 164.2 million, or $ 1.96 a share, on $ 1.58 billion in revenue, up from a profit of $ 18.1 million, or 22 cents a share, on sales of $ 1.55 billion in the same period a year ago. However, excluding one-time items, Sanmina would have earned 46 cents a share, while Wall Street analysts had forecast the company to […]

For most people in United States, lending a home includes lending a mortgage. Lending mortgage is not as simple as we submit application in our workplace for leaves and waiting to be accepted. To lend a mortgage, you hire loan officer to find you a mortgage. They charge interest rates and fees that are high but negotiable. High interest rate is something that will add burden on you. In order  [ Read More ]

Economists and analysts are now debating whether Hurricane Sandy will add to economic growth, comparing the aftermath to Hurricane Katrina. Be wary of misleading economic arguments. Hurricane Sandy is different from Hurricane Katrina, in that it hit a broader part of the country, the most densely populated 500-mile stretch of the U.S., the northeastern seaboard, and is still moving inland. The storm is striking an estimated 20% to 25% of the U.S. population. The states affected, now tolling at around two dozen plus Washington, D.C., deliver an estimated 15% to 20% of U.S. GDP. Forty-three people are now dead due […]

Future college students looking at a difficult job market and staggering student loan debt levels may be rethinking the value of a degree, especially as colleges continue to increase overall costs. According to the College Board, the overall average cost to attend an in-state public college for the 2012-13 academic year for students who don’t receive any financial aid rose 3.8% to a record $ 22,261, with tuition accounting for about half of that increase.  The report also shows that public university tuition and fees alone rose 4.8% to $ 8,655 and climbed 4.2% at four-year private schools to an […]

Market Outlook for November and December 2012 If you are a stock trader and been observing the market behavior in the past few weeks, you will know that market has been acting extremely weak. There is a good chance market might be heading further down in the short term. According to my thinking following are the reasons:  Terrible earnings: So far bunch of companies have reported earnings and many big  [ Read More ]

Facebook Inc (FB) shares fell 4 percent in busy trade early on Wednesday as the company allowed employees to start selling some stock. The world’s largest social network waived a provision that prevented employees from selling shares until November 14. As a result, Facebook staffers were able to sell their vested shares on Monday. About 234 million shares held by employees were eligible for sale in the public market. However, because the markets were closed on Monday and Tuesday in the wake of powerful storm Sandy, Wednesday was the first trading day. “I don’t really understand why Facebook (chose) to […]

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